Karooooo (NASDAQ:KARO) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Karooooo (NASDAQ:KARO) from a buy rating to a hold rating in a research note published on Sunday.

Several other research firms have also weighed in on KARO. UBS Group reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Karooooo in a research note on Thursday, July 16th. Raymond James Financial boosted their target price on Karooooo from $60.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Freedom Capital cut shares of Karooooo from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Roth Capital restated a “buy” rating and issued a $74.00 price target on shares of Karooooo in a research note on Friday, July 17th. Finally, Needham & Company LLC lifted their price target on shares of Karooooo from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Karooooo currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.50.

Karooooo Stock Down 1.0%

NASDAQ KARO opened at $62.60 on Friday. The business has a fifty day moving average price of $55.66 and a two-hundred day moving average price of $51.01. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 1.01. Karooooo has a fifty-two week low of $41.25 and a fifty-two week high of $67.14. The stock has a market capitalization of $1.93 billion, a PE ratio of 31.78 and a beta of 0.85.

Karooooo (NASDAQ:KARO) last issued its earnings results on Thursday, July 16th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.08. Karooooo had a return on equity of 32.03% and a net margin of 17.74%.The firm had revenue of $96.26 million for the quarter. Equities analysts expect that Karooooo will post 2.41 earnings per share for the current fiscal year.

Insider Transactions at Karooooo

In other Karooooo news, CEO Isaias Jose Calisto sold 33,833 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $66.14, for a total value of $2,237,714.62. Following the completion of the transaction, the chief executive officer directly owned 17,714,186 shares in the company, valued at approximately $1,171,616,262.04. This trade represents a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 235,051 shares of company stock valued at $15,144,080. 74.73% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in KARO. DGS Capital Management LLC raised its holdings in Karooooo by 5.7% in the 1st quarter. DGS Capital Management LLC now owns 7,359 shares of the company’s stock valued at $367,000 after buying an additional 398 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Karooooo by 1.4% during the 1st quarter. Renaissance Technologies LLC now owns 27,987 shares of the company’s stock worth $1,395,000 after acquiring an additional 400 shares during the last quarter. Lazard Asset Management LLC increased its position in Karooooo by 7.5% in the 3rd quarter. Lazard Asset Management LLC now owns 6,139 shares of the company’s stock valued at $351,000 after acquiring an additional 430 shares during the period. Bank of America Corp DE increased its position in Karooooo by 17.2% in the 2nd quarter. Bank of America Corp DE now owns 5,100 shares of the company’s stock valued at $250,000 after acquiring an additional 750 shares during the period. Finally, BNP Paribas Financial Markets increased its position in Karooooo by 22.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 6,195 shares of the company’s stock valued at $354,000 after acquiring an additional 1,150 shares during the period.

About Karooooo

Karooooo Ltd is a global provider of telematics software-as-a-service solutions for vehicle and fleet management. Through its flagship platform, the company delivers real-time GPS tracking, stolen vehicle recovery and driver behaviour analytics, enabling commercial fleets and automotive insurers to optimise operations, increase safety and reduce costs.

Karooooo’s SaaS platform integrates proprietary hardware devices with cloud-based analytics and mobile applications. Customers gain access to live vehicle location data, engine diagnostics, route planning tools and customizable reporting dashboards.